The LISA phase measurement system (PMS) will provide interferometric phase readout of the primary heterodyne signal at microcycle sensitivity, ranging measurements at sub-meter accuracy and data communication at rates of several kilobits per seconds. Our investigations are focused on inter-spacecraft laser ranging and data transfer for LISA using Direct Sequence Spread Spectrum (DS/SS) modulation onto the laser links. We present the setup of an optical experimental to test the levels of performance achievable with a single laser link as well as a new hardware prototype based on FPGA (Field Programmable Gate Array) processing to perform high-accuracy phase readout of the optical signal, ranging measurements, data communication and is suitable for clock noise demodulation and digital laser-phase locking.